bots are wreaking havoc today., page-8

It was forwarded to me, so I don't have a link, but here is the summary para:

"Investment thesis. BRM is essentially a call option on achieving commercial haulage terms on what is
shaping up as a significant project. While Marillana is higher impurity than many of its peers, this risk
is partially mitigated by scale, favourable geometry and free digging ore characteristics and we
envisage strong interest from potential development partners post DFS delivery Q3 CY10. Our
valuation assumes BRM sole funds development (and dilutes for a A$500m equity raising) however,
introduction of a development partner would mitigate the dilutionary impact on our valuation. BRM is a
high risk:high reward proposition with successful execution to provide significant upside to our
A$3.29/sh NPV."